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Canadian Tech in 100 Words

National Bank

National Bank and Platform Calgary Forge Strategic Alliance to Boost Tech Startups

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National Bank of Canada and Platform Calgary have united forces, dedicating $380,000 over four years to establish the “National Bank Investor Hub” at the Platform Innovation Centre.

This strategic alliance aims to strengthen ties between investors and Calgary-based tech startups.

The hub will serve as a centralized access point for investors, providing training and facilitating early-stage connections between startups and investors, thus fostering the growth of the local technology sector.

Want to know more? Check out the source code on Calgary.tech.

National Bank to Acquire Silicon Valley Bank’s Canadian Loan Portfolio

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Today National Bank revealed plans to acquire Silicon Valley Bank’s (SVB) Canadian branch’s commercial loan portfolio. The agreement covers sectors like Technology, Life Science, and Global Fund Banking, expanding the bank’s commercial loan diversity in Canada.

The portfolio contains around $1 billion in loan commitments, with $325 million still outstanding. Tuyen Vo, the head of National Bank’s Technology and Innovation Banking Group since 2019, will oversee the integration of these assets into the group.

Michael Denham, EVP of Commercial and Private Banking at National Bank, stated the acquisition strengthens their presence in Canada’s tech industry.

The closing, expected in the coming weeks, is subject to Ontario Superior Court of Justice approval under the Winding-up and Restructuring Act.

Want to know more? Check out the source code on BetaKit.